Coastal Ridge Real Estate, a multifamily real estate investment, and management firm, has broken ground on its first build-for-rent development project, Stillwell at Wellen Park.
“Coastal Ridge is excited to break ground on Stillwell at Wellen Park,” said Andy Lallathin, Managing Partner, Coastal Ridge Real Estate. “We’ve long seen development as the final spoke in our organization’s wheel, rounding out our institutional investment and best-in-class operations platforms.”
Once completed, Stillwell at Wellen Park will feature 274, one-, two-, and three-bedroom single-family and cottage-style homes, each with private outdoor space, designer finishes, and smart home technology. The community will include a generous amenity package including a state-of-the-art clubhouse, fitness center, business center, club lounge, kitchen, game room, coffee bar, resort-style zero-entry pool, fire pits, dog park, bocce court, and walking path.
The project will be located within Wellen Park, one of the top-selling master-planned communities nationwide, and in close proximity to the new Atlanta Braves spring training facility, a Publix-anchored retail center, and Downtown Wellen, a vibrant mixed-use hub currently under construction.
“I think you can sense my excitement around adding Stillwell to the Wellen Park Community,” said Rick Severance, President of Wellen Park at the ceremonial groundbreaking event. “From our first meeting with Coastal Ridge, we understood how their development could help us achieve our objective of providing a variety of residential options within Wellen Park.”
Developed by Coastal Ridge with equity partners, Halstatt Real Estate Partners out of Naples, Florida, Stillwell is positioned to be a leader in the build-for-rent space, differentiating itself from conventional multifamily due to the free-standing building model of each home. This emerging product type appeals to a variety of renters driving multifamily demand throughout the country.
“Residents are looking for much more than solid surface countertops and stainless-steel appliances. They want the feeling of living in a single-family home while having the flexibility and hassle-free lifestyle that renting provides,” said Lallathin. “Stillwell has been carefully crafted and developed to provide the same privacy and outdoor space that comes with homeownership, without committing to a mortgage or maintenance. It’s what we consider to be, ‘Sanctuary without strings.'”
Coastal Ridge plans on bringing Stillwell to communities throughout the country, with additional projects scheduled to break ground soon in Austin, Texas, and Columbus, Ohio.
“We’re bullish on the build-for-rent model and are actively and aggressively assessing new markets and sites,” said Lallathin. “I anticipate that by the end of the year we’ll have an additional two sites under construction in two new markets with many more sites under contract to build out our pipeline.”
